Northern Rock finance chief exits with £900,000

Don't tell me; let me guess; we need to pay high salaries to attract talent.

Northern Rock's chief financial officer, Ann Godbehere, is set to leave the state-owned bank in February after earning nearly £1 million for 12 month's work.

The bank announced today that Ms Godbehere will step down from Northern Rock's board next month, and leave the group in February.

Since joining 11 months ago when the Government nationalised Northern Rock, Ms Godbehere, the former finance director at Swiss Re, has been earning £75,000 a month, and will end her time at the bank with total pay of £900,000.

Ms Godbehere's pay deal, as well as the £3,000 a day negotiated by Ron Sandler, Northern Rock's non-executive chairman, caused outcry last year when details emerged after shareholders lost millions of pounds when the bank collapsed.